PHILADELPHIA, May 31, 2018 — Rittenhouse Realty Advisors is pleased to announce the sale of 118 apartment units in Upper Darby, Delaware County, Pennsylvania. Marshall Woods, located at 6700 Marshall Road, consists of 66 units, and was sold to a buyer out of New York City. Marlyn Apartments, consisting of 19 units located at 1505 Bywood Avenue, Sheldrake Apartments, 17 units located at 50 S. State Road, and Hazel Apartments, 16 units located at 7246 Hazel Avenue, were sold to a large, well-respected, owner/operator.
“All properties sold at north of $65,000 per unit and at sub 7% CAP rates on trailing 12-month numbers. Both are aggressive for this area and show the strength of the apartment market as a whole,” stated Corey Lonberger, Managing Partner at RRA.
Ken Wellar, Managing Partner at RRA, added: “The four properties were purchased by two separate groups, one a large local owner/operator and the second was a buying entity out of NYC. Our relationships with aggressive outside buyers are driving values up significantly in the Philadelphia MSA.”
All four properties were in good condition at the time of sale and neither buyer planned any major renovations. The properties are in close proximity to major shopping districts and also allow tenants easy access to the 69th Street Transportation Center, which has a direct public transport line to Center City, Philadelphia.
“Delaware County is one of Philadelphia’s most active suburban markets. The increased buyer interest for multi-family product is evidence of the solidity of this submarket,” noted Mark Duszak, Director at RRA.